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  • Saudi Arabia Banknote History

    In 1976, Saudi Arabia began issuing banknotes that feature rulers. The 1976 set of notes bear the portrait of King Faisal except for the 100 riyal banknote which displays King Abdul Aziz ibn Sa’ud. Meanwhile, most banknotes issued in 1984 portray King Fahd.  In 2000, the country introduced 20 and 200 riyal banknotes to celebrate the 100th anniversary of the founding of the Kingdom of Saudi Arabia, featuring the kingdom’s founding father, King Abdul Aziz.

  • Lebanon information minister says he is not challenging Mikati or Saudi Arabia

    Lebanon information minister George Kordahi said on Friday he is not challenging Prime Minister Najib Mikati nor Saudi Arabia, after his remarks sparked a diplomatic rift with Gulf countries.

  • Lebanon Faces Crisis in Relations with Gulf Nations

    Lebanon is experiencing a crisis in its relations with Saudi Arabia and its Gulf Arab supporters, whose trade and financial aid it desperately needs. Criticism by a Lebanese Cabinet minister over Saudi military involvement in Yemen is at the heart of a diplomatic dispute that is playing into a regional competition for supremacy between Saudi Arabia and Iran-backed Hezbollah.

  • Moody’s affirms ratings of nine Saudi Arabian banks and changes outlook to stable

    Moody's said it affirmed the banks’ long-term deposit ratings as well as the senior unsecured and subordinated debt ratings of their affiliated entities. The banks include Saudi National Bank, Al Rajhi Bank, Riyad Bank, Banque Saudi Fransi, Arab National Bank, Bank AlBilad, The Saudi Investment Bank, Bank Al-Jazira and Gulf International Bank – Saudi Arabia.

  • World Bank aims to replace canceled ‘Doing Business’ report in two years

    The World Bank plans to unveil in about two years a replacement for its flagship ‘Doing Business’ report on countries’ business climate, that was canceled after a data-rigging scandal, the bank’s chief economist, Carmen Reinhart, told Reuters. Reinhart, who was elevated to senior management as part of the bank’s bid to rebuild its credibility after the ethics concerns, said some key concepts for the new product were already clear.

  • Not a game show: Ex-TV star at center of Lebanon-Saudi row

    The current diplomatic crisis goes back to comments he made Aug. 5, a month before he became information minister. In the remarks, which were recorded and aired later, he defended Yemen’s Iran-backed Houthi rebels. This angered Saudi Arabia, which has been leading a military coalition fighting the Houthis in a brutal and deadlocked war in Yemen. Saudi Arabia and other Gulf countries have withdrawn their ambassadors from Lebanon in protest over the comments. The diplomatic spat is putting hundreds of millions of dollars in trade and assistance from the oil-rich nations at risk at a time of dire need for Lebanon.

  • ‘The Gloves Are Off’: Could Law Firms Abandon UAE for Saudi Arabia?

    “The reality is that Saudi leadership clearly wants to deliver on the Vision 2030 programme and to do the other things that the Kingdom wants and needs to do. They need a vibrant professional, service-provider class on the ground, and they’re trying to achieve that. I don’t see that as a threat aimed at Dubai. It’s just the reality of the growth that’s needed in the Kingdom”.

  • Iran wants U.S. assurances it will never abandon nuclear deal if revived

    Iran said on Monday that the United States should provide guarantees that it will not abandon Tehran's 2015 nuclear deal with world powers again, if talks to revive the agreement succeed. Indirect talks between Iran and the United States, which stalled in June after the election of hardline Iranian President Ebrahim Raisi, are set to resume on Nov. 29 in Vienna to find ways to reinstate the 2015 accord.

  • Arab League holds talks in Lebanon over Gulf row

    A senior Arab League official held talks in Lebanon on Monday in a bid to ease a rift with Saudi Arabia over criticism of its role in the Yemen war, saying the crisis could have been defused if the minister who made the comments had resigned. Arab League Assistant Secretary General Hossam Zaki met Lebanon's president, prime minister and parliament speaker during his visit. President Michel Aoun said he welcomed any Arab League initiative to restore ties with Saudi Arabia.

  • Bankrupt Lebanon left to rue criticism of Saudi Arabia

    Yet 10 years after quitting MBC, the media personality who was recently appointed Lebanon’s information minister, has just lost his bankrupt country hundreds of millions of dollars — by infuriating his former Gulf patrons. Kordahi’s criticism of Saudi and the UAE’s war against Iran-aligned Houthi rebels in Yemen, in a video that resurfaced late last month, has caused a diplomatic firestorm. Saudi Arabia responded by banning all Lebanese imports, expelling Lebanon’s ambassador and recalling its envoy in Beirut. Gulf allies also cut diplomatic ties with Lebanon. Altogether, these measures have delivered a serious blow to a country already in the throes of its worst ever peacetime economic crisis.